IMF's Georgieva underscores need to help emerging markets, reverse capital outflow

International Monetary Fund chief Kristalina Georgieva on Thursday urged governments and the private sector to do all they can to help emerging markets and developing countries weather the economic and health impacts of the coronavirus pandemic.

Georgieva lauded Wednesday’s decision by the Group of 20 major economies and Paris Club creditors to temporarily suspend debt service payments by the poorest countries, and said the IMF’s steering committee had unanimously urged private sector creditors to join in to prevent unnecessary bankruptcies.

She told a videoconference press briefing that the IMF and the World Bank were looking at ways to ease the burden on other countries that also faced a high debt burden, adding that it was critical to halt the massive outflow of capital from emerging markets and developing countries.